Korea Investment CORP Cuts Position in Cummins Inc. $CMI

Korea Investment CORP decreased its position in Cummins Inc. (NYSE:CMI) by 6.0% during the second quarter, HoldingsChannel.com reports. The fund owned 91,530 shares of the company’s stock after selling 5,842 shares during the quarter. Korea Investment CORP’s holdings in Cummins were worth $29,976,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Accredited Wealth Management LLC bought a new stake in Cummins in the first quarter worth $31,000. Costello Asset Management INC purchased a new position in shares of Cummins in the 1st quarter worth $40,000. Wealth Preservation Advisors LLC purchased a new position in shares of Cummins in the 1st quarter worth $41,000. CNB Bank bought a new stake in shares of Cummins in the 2nd quarter worth about $43,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of Cummins in the 1st quarter worth about $47,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Barclays lifted their price target on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 11th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Wells Fargo & Company began coverage on Cummins in a report on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target on the stock. Finally, Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $476.75.

Insider Activity at Cummins

In other news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 36,410 shares of company stock worth $16,424,574 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Cummins Trading Down 0.0%

Shares of NYSE CMI opened at $497.08 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $500.17. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market cap of $68.61 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.05 and a beta of 1.07. The business’s 50 day moving average price is $442.27 and its 200-day moving average price is $387.30.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the previous year, the business earned $5.86 EPS. Cummins’s revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.